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AMERICAS
Advent and Warburg Pincus completed the acquisition of the BioPharma Solutions business of Baxter for $4.25bn. (FS)
Advent International and Warburg Pincus, two private equity investors, completed the acquisition of the BioPharma Solutions business of Baxter, a global medtech company, for $4.25bn.
“Today represents an important step in Baxter’s ongoing transformation journey as we continue to execute against our strategic priorities, enhance our focus and create additional value for all our stakeholders. BPS has long been recognized worldwide as a trusted and preferred partner of contract manufacturing services for the pharmaceutical and biotech industries. Advent International and Warburg Pincus have extensive experience helping innovative healthcare companies advance their mission and strategic priorities. I am confident that under their stewardship, BPS will continue to build on its leadership position, foster world-class talent, invest in new capabilities and capacity, and provide leading-edge, high-quality solutions for its clients," José E. Almeida, Baxter Chairman, President and CEO.
Cisco, a software-defined networking, cloud, and security solutions provider, completed the acquisition of Accedian, a performance analytics and end user experience solutions provider, from Bridge Growth Partners, a technology investment firm. Financial terms were not disclosed.
“We are very proud of the incredible transformation that Dion and the Accedian team has accomplished to become a global leader in network and application performance monitoring. At Bridge Growth, we strive to work closely with exceptional management teams to create lasting strategic value, with the goal to find the right home for our companies on behalf of all stakeholders. We look forward to Cisco implementing its vision to the benefit of all its customers,” Tom Manley, Bridge Growth Partners Partner.
Fujifilm, a multinational conglomerate company, completed the acquisition of the electronic chemicals business of Entegris, a supplier of advanced materials and process solutions, for $700m.
“This acquisition will allow us to further enhance our product and global supply capabilities. We will leverage group synergies to create and provide electronic materials that bring value to society and respond swiftly to market demands and customer expectations. Through our innovative technology and products we will achieve sustainable business growth and contribute to the creation of a society that enriches people’s lives by improving the performance and value of semiconductors," Teiichi Goto, Fujifilm President and CEO.
Entegris was advised by Bank of America, Skadden Arps Slate Meagher & Flom (led by Mike Ringler) and Joele Frank (led by Michael Freitag).
Marketaxess, an international financial technology company that operates an electronic trading platform for the institutional credit markets, and also provides market data and post-trade services, completed the acquisition of Pragma, a quantitative technology provider of multi-asset trading algorithms and analytical solutions. Financial terms were not disclosed.
“Pragma and MarketAxess share a common mission of using technology and automation to improve trader efficiency and generate superior trading outcomes for investors. MarketAxess’ scale and resources will amplify the results we can deliver for clients with the cutting edge technologies we’ve built – both for our existing clients in equities and FX, and for MarketAxess’ large client network as we continue developing new solutions in fixed-income,” David Mechner, Pragma Founder and CEO.
Pragma was advised by Broadhaven Capital Partners and WilmerHale. MarketAxess was advised by Weil Gotshal and Manges (led by Michael J. Aiello and Michelle Sargent).
Rithm Capital, a private equity firm, agreed to acquire mortgage servicing companies Specialized Loan Servicing and Computershare Mortgage Services from Computershare, a financial services company, for $720m.
“We are thrilled to welcome SLS to the Newrez family. Our track record of acquisitions in the mortgage servicing space continues to deliver value not only for our shareholders, but also for the millions of consumers we serve,” Michael Nierenberg, Rithm Capital Chairman, President and CEO.
NBA teams Houston Astros and Houston Rockets completed the acquisition of AT&T SportsNet Southwest, a regional sports network, from Warner Bros. Discovery, a media and entertainment company. Financial terms were not disclosed.
"We are pleased to have reached an agreement with the Astros and Rockets to sell AT&T SportsNet Southwest. We believe this is the best outcome for our fans and our stakeholders." David Zaslav, Warner Bros. Discovery CEO.
Trane Technologies, an HVAC manufacturing company, agreed to acquire Nuvolo, a software and solutions provider. Financial terms were not disclosed.
“Following a decade of innovation and growth, we dedicated ourselves to finding an extraordinary partner aligned with our core values and future vision, who could take Nuvolo to the next stage of development. We are thankful to have found that partner in Trane Technologies. As a global decarbonization pioneer, Trane Technologies shares our commitment to innovation, forward thinking and a relentless commitment to customer-focused solutions. We are proud to be part of the Trane Technologies family, and excited about the next phase of growth with this new partnership," Tom Stanford, Nuvolo Founder and CEO.
Trane Technologies is acquired by Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by Thomas Greenberg).
Mitel, a provider of business communications services, completed the acquisition of Unify, a unified communications and collaboration services provider, from Atos, a digital transformation provider. Financial terms were not disclosed.
“This is a transformative milestone for the Mitel and Unify teams and for the broader communication and collaboration industry. Unify brings a strong geographic footprint, rich portfolio, deep enterprise expertise, and talented team that perfectly complement Mitel’s strengths. I am truly excited about the future we will build together and the critical communications innovation we will deliver for our customers, partners, and employees," Tarun Loomba, Mitel President and CEO.
Atos was advised by Rothschild & Co.
Blackstone, a private equity firm, agreed to invest $430m in Amicus Therapeutics, a biotechnology company focused on discovering, developing and delivering novel medicines for rare diseases.
“This new financing with Blackstone strengthens our balance sheet and financial profile by reducing the interest rate versus our current debt, pushing out the amortization schedule and extending the amortization period. This strategic investment demonstrates Blackstone’s commitment to Amicus’ future and belief in the strong growth potential of Galafold and Pombiliti + Opfolda as we continue on our mission to develop medicines for people living with rare diseases," Bradley Campbell, Amicus Therapeutics President and CEO.
Olympic Steel, a national metals service center, completed the acquisition of Central Tube & Bar, a company that offers a range of value-added fabrication services. Financial terms were not disclosed.
“The acquisition of Central Tube & Bar represents our latest strategic move to invest in consistently high-performing businesses. We are delighted to welcome Dustin Ward and his capable team to the Olympic Steel family.” Richard T. Marabito, Olympic Steel Chief Executive Officer.
Viatris to divest some businesses for $3.6bn.
Pharmaceutical manufacturer Viatris said it had reached agreements to divest some of its businesses for a total of up to $3.6bn, Reuters reported.
Viatris said its move to divest some of its businesses is part of its long-term strategy to streamline focus on three core therapeutic areas - ophthalmology, gastroenterology and dermatology.
The company has received an offer of about $2.17bn for almost all of its over-the-counter drug business from France-based Cooper Consumer Health. Viatris will retain rights for nasal spray Dymista and select OTC drugs within certain markets.
Jindal Steel in talks to acquire CVG Ferrominera Orinoco from Venezuela.
Venezuela’s government and Jindal Steel have signed an agreement for the Indian company to run the country’s largest iron-ore producing plant, marking the first entry in years by an international firm into the South American nation’s closely held companies, Bloomberg reported.
Nicolas Maduro’s government signed off on a deal for Jindal Steel & Power to operate CVG Ferrominera Orinoco, Venezuela’s largest iron-ore plant. No details of the agreement, which was inked Friday, were provided.
The deal is Venezuela’s first step to open up operations in its metallurgic and mining industries to an international private company, after US sanctions hit the country in 2019. Venezuela’s mining and heavy industries are all state owned.
KKR sells industrial properties worth over $560m. (FS)
KKR said it has completed the sale of an industrial property portfolio of 5 Sq. ft. (465k sq. m.) for a total aggregate value of over $560m.
The sales, primarily comprising assets in KKR's Real Estate Partners Americas II fund, include more than 50 industrial buildings spread across Atlanta, Dallas-Fort Worth, Chicago, the Lehigh Valley and Central Pennsylvania, Reuters reported.
Since the pandemic sparked a shift away from traditional brick-and-mortar stores and towards online shopping, retailers continue to have a high demand for industrial buildings like warehouses and logistic facilities.
Van Lanschot Kempen launches North American private equity fund. (FS)
Van Lanschot Kempen Investment Management today launched the Kempen North American Private Equity Fund. The launch of this new private equity fund is an important addition to Van Lanschot Kempen's current range of investment products within private markets. The fund focuses on small and medium-sized privately owned companies in North America.
The Kempen North American Private Equity Fund is a closed-end investment fund with a ten-year term. It is Van Lanschot Kempen's third private equity fund after previously launching two successful funds with a focus on Europe. Like its predecessors, the fund is a hybrid investment fund that combines investments in private equity funds with co-investments. The reason for this combination is to build a well-diversified portfolio while also aiming to shorten the J-curve.
Crescent Private Credit Income launches with $150m seed capital investment from SLC Management. (FS)
Crescent Capital, a leading alternative credit investment firm, announced today the launch of Crescent Private Credit Income, a non-exchange traded, perpetual-life business development company. CPCI’s Registration Statement on Form N-2 in connection with its initial public offering of common stock has been declared effective by the US Securities and Exchange Commission.
CPCI is designed to leverage the scale and breadth of Crescent’s broader credit platform, which had over $40bn in assets under management and over 210 employees, including more than 100 dedicated investment professionals, as of June 30, 2023.
CPCI seeks to deliver Crescent’s credit expertise to investors by providing access to a diversified portfolio consisting primarily of sponsor-backed, directly originated assets, including debt securities and related equity investments, made to or issued by US middle-market companies.
Carlyle taps Jeff Nedelman as new investor relations head. (FS, People)
Carlyle Group hired a new investor relations head as Chief Executive Harvey Schwartz reshapes the leadership at the private equity firm, Bloomberg reported.
Jeff Nedelman, 56, is joining Carlyle as head of distribution, directing dealings with pensions, endowments and investors, the Washington-based firm plans to announce Monday. The Goldman Sachs Group veteran of more than 25 years has been a partner and senior managing director at Certares Management, an investment firm known for bets on travel and tourism.
This is the third major leadership appointment Schwartz has made since taking the top job at Carlyle as he confronts the task of charting a path of steady growth and boosting the firm’s flagging stock price. In his first months, Schwartz has been installing the C-suite with trusted lieutenants.
EMEA
Deutsche Börse, a German multinational offering marketplace organizing for the trading of shares and other securities, completed the acquisition of Simcorp, a Danish company providing software and services to financial institutions, for $4.3bn.
The combination of SimCorp’s highly complementary business offering with Deutsche Börse’s Data & Analytics businesses will create a full scope front-to-back investment management solutions platform.
Simcorp was advised by Credit Suisse, Kromann Reumert, and Covington & Burling (led by Bruce Bennett). Deutsche Börse was advised by Morgan Stanley, Deutsche Bank, Ernst & Young, Morgan Stanley, Cravath Swaine & Moore (led by Bethany A. Pfalzgraf and Aaron Gruber), Hengeler Mueller (led by Lucina Berger and Daniel Moritz), Linklaters, Plesner (led by Thomas Holst Laursen and Janus Jepsen), and Sullivan & Cromwell (led by Carsten Berrar).
TA Associates-backed Elos Medtech, a development and manufacturing partner for medical devices, announced the reciept of regulatory approvals for the €370m ($391m) acquisition of IK-backed Klingel, a manufacturer of metal products for medical technology.
This is a significant milestone for the transaction, as it means that all major regulatory hurdles have been cleared and the acquisition is now expected to close during the fourth quarter of 2023. The acquisition of Klingel Medical will strengthen Elos Medtech's position as a leading contract development and manufacturing organization for medical devices. Klingel has eight production facilities in Germany and Switzerland, along with R&D capabilities, technological expertise, and an extensive global customer base.
“I am very pleased to conclude that we have now received further approvals required to complete and finance the Klingel Acquisition. Today’s announcement is an important milestone in the completion of the acquisition, an exciting step in the continued development of Elos Medtech," Stefano Alfonsi, Elos Medtech CEO.
Hellman & Friedman-backed Cordis, a firm engaged in the development and manufacturing of interventional cardiovascular and endovascular technologies, completed the acquisition of MedAlliance, a Swiss-based medical technology company, for $1.14bn.
"The Cordis acquisition will accelerate access to this breakthrough technology for patients around the globe suffering from coronary and peripheral disease. I want to thank our entire MedAlliance team - including physicians, distributors and clinical patients - who have succeeded in disrupting the coronary and peripheral markets to provide a safe and effective new technology. The arsenal of SELUTION SLR DEB clinical data is designed to change medical practice and improve patient outcomes," Jeffrey B. Jump, MedAlliance Founder, Chairman and CEO.
MedAlliance was advised by Latham & Watkins (led by Johan Brigham). Hellman & Friedman was advised by FGS Global (led by Winnie Lerner).
Debt-burdened Casino said it had completed the sale of a first set of 61 stores in France to Groupement Les Mousquetaires and had extended its purchasing alliance with the French retailer to include private-label food products, Reuters reported.
The sale of the 61 stores, including hypermarkets, supermarkets, Franprix grocery shops and convenience stores, represents revenue of €563m ($595m) excluding VAT, based on an enterprise value of €209m ($221m), including service stations.
In addition, under the agreements signed in May 2023, Casino granted a call option to Groupement Les Mousquetaires, exercisable within three years at the latest, for a second group of stores representing €510m ($539m) in sales excluding VAT.
Separately, in July Casino agreed a long-awaited debt restructuring deal with creditors led by Czech billionaire Daniel Kretinsky to avert bankruptcy.
BP, Adnoc urged to raise $2bn bid for NewMed stake.
An independent committee evaluating BP and Abu Dhabi National Oil roughly $2bn offer for 50% of NewMed Energy has requested the oil and gas giants substantially increase their bid, Bloomberg reported.
BP and Adnoc are now considering whether to improve on their initial proposal for the Israeli gas explorer made in late March or walk away.
Any deal would be one of Adnoc’s first major international acquisitions of a gas- or oil-producing asset. The United Arab Emirates’ state energy producer last year said it would spend billions of dollars expanding its foreign gas, chemicals and clean-energy operations.
Bridgepoint explores sale of Humanetics Group for $1.5bn. (FS)
Private equity firm Bridgepoint is exploring a sale of Humanetics Group that could value the safety systems technology provider at about $1.5bn, including debt, Reuters reported.
London-based Bridgepoint has tapped investment bank Evercore to advise Humanetics on its sale process that is expected to attract the interest of both strategic and private equity buyers.
Humanetics is expecting to command a valuation equivalent to over 15 times its 12-month earnings before interest, tax, depreciation, and amortization of nearly $90m.
KKR in talks to buy Spanish Eugin from Fresenius. (FS)
United States-based buyout fund KKR is in exclusive talks with Germany' Fresenius to buy Eugin, fertility clinics in Spain and Portugal.
A potential deal would value Eugin at around €500m ($528m). KKR would buy the clinics with a Spanish partner, Reuters reported.
Saudi Aramco hunts for more LNG deals to meet surging demand.
Aramco last week announced its entry into the market with the purchase of a stake in a company that’s acquiring interests in four Australian LNG projects. It will evaluate opportunities elsewhere too, said Aramco’s Upstream President Nasir Al-Naimi, Bloomberg reported.
“We see indications that the LNG market is positioned for structural, long-term growth. Aramco’s intention is to become a leading global LNG player,” Nasir Al-Naimi Aramco President.
The giant oil producer is diversifying beyond its core business and pursuing significant growth in gas and lower carbon energy solutions, according to Al-Naimi. Europe is adding LNG terminals to replace Russian pipeline gas, and in Asia, many nations are transitioning from dirtier fuels such as coal and fuel oil to cleaner gas.
Hungary plans to sell 'non-strategic assets' to buy Budapest Airport.
Hungary plans to sell non-strategic assets to partially finance its acquisition of Budapest airport, Economic Development Minister Marton Nagy said.
The financing package could also include budget funds and development bank money, he said, adding that the government expects talks to conclude by the end of the year. He did not say which assets the government might sell, Reuters reported.
It has been planning to buy the airport for years and in 2021 submitted a non-binding offer, but the process was later halted amid high inflation and volatility in global financial markets. The government submitted a new formal bid for a majority stake in Budapest Airport last month, with talks underway with several airport operators, one of them in Qatar, to join as a minority partner.
L Catterton-backed Birkenstock targets $9.2bn valuation in New York IPO. (FS)
Birkenstock, the German premium footwear brand backed by private-equity firm L Catterton, said on Monday it is seeking a valuation of up to $9.2bn in its highly anticipated US initial public offering, Reuters reported.
The company and its stockholders are expecting to sell at least 32m shares, likely to be priced between $44 and $49 apiece, and potentially raise about $1.58bn at the top-end of the range.
The IPO market is seeing a slow revival in activity after being on ice for a couple of years, but the post-debut performances of companies that have listed so far this year including Instacart and Arm have been mixed.
Birkenstock is advised by Goldman Sachs, JP Morgan, Morgan Stanley, Citigroup, Credit Suisse, Deutsche Bank, Jefferies, UBS, Allen & Overy, Clifford Chance, Shearman & Sterling, Brunswick and Teneo.
Russian tech firm Astra Linux plans October IPO on Moscow Exchange.
Russian technology company Astra Linux on Monday said it was planning to list its shares on Moscow Exchange this month in an initial public offering, potentially breathing some life into Russia's moribund equity capital markets, Reuters reported.
At least 10 companies had been planning 2022 listings prior to Russia's February invasion of Ukraine, but sanctions on Russia's financial system and the exodus of Western bankers and lawyers has sorely limited share offerings.
HSBC recruits six Credit Suisse bankers in global wealth push. (People)
HSBC hired half-a-dozen private bankers from Credit Suisse to build out its services targeting wealthy families across oil-rich Middle East as well as Europe.
The British lender named Aladdin Hangari, previously one of Credit Suisse’s top wealth-management executives for Qatar, as head of global private banking for the Middle East and North Africa. Hangari is replacing Sobhi Tabbara, who is stepping back from January 2024 to pursue other opportunities, Bloomberg reported.
HSBC also named former Credit Suisse executive Patrick D’Amico as global market head for Qatar, and hired Christian Hiller, Thomas Schaad and Simon Aeschlimann as relationship managers on the team. Kouroche Achtari is coming from Credit Suisse to help lead coverage of wealthy Swiss individuals and family offices with global activities. Separately, Roy Mironi is joining from Deutsche Bank for the London-based firm’s wealth coverage in Israel.
APAC
17Live, an entertainment company, to go public via a SPAC merger with Vertex Technology Acquisition, a publicly-traded special purpose acquisition company, in a $849m deal.
“As a technology-driven live social entertainment platform, 17LIVE has made extensive investment to enhance its R&D capabilities and scalable technology stacks in order to effectively innovate its product offerings and ensure content and data security. We have over time refined our core capabilities whilst harnessing the vision of a live streaming ecosystem to better connect people anytime, anywhere. VTAC, with their strong expertise in technology has today, validated this vision as we take another step towards solidifying 17LIVE’s position as an innovative leader in the space. Listing on SGX-ST will allow 17LIVE to grow its businesses in Southeast Asia and globally. We believe this is a unique, exciting investment opportunity for investors.” Joseph Phua, 17LIVE Chairman and Co-Founder.
Vertex Technology is advised by Credit Suisse, DBS Bank, and Morgan Stanley.
Bain Capital, a private equity firm, completed a $200m investment in Masan Group, a private sector company with a focus on the consumption and resources sectors.
"Masan has the right fundamentals, reach, and growth strategy to succeed in a high-growth and compelling consumer market." Barnaby Lyons, Bain Capital Managing Director.
Masan Group was advised by Jefferies & Company.
MC2 Titanium, a growth equity fund firm, agreed to acquire Trustwave, a Chicago-based cybersecurity arm, from Singtel, multinational telecommunications conglomerate and one of the four major telcos operating in the country, for $205m.
The divestment is expected to be completed by the fourth quarter and will not have a material impact on the group for fiscal 2024.
Accenture, a global professional services company that helps the world’s leading businesses, governments and other organizations build their digital core, completed the acquisition of SIGNAL, an integrated marketing firm. Financial terms were not disclosed.
Since our founding in 2005, we have been expanding our business scope by constantly seeking new communication methods, with the interests of our clients and consumers in mind. By working together with Accenture, we will have an even greater impact on the services we provide and contribute to creating wealth for all employees, clients, and society." Daisuke Kusaba, SIGNAL CEO.
SS&C Technologies, a global provider of investment and financial software-enabled services and software focused exclusively on the global financial, completed the acquisition of the managed funds administration business of Iress, a principal supplier of sophisticated share market and wealth management systems in Australia. Financial terms were not disclosed.
"We are delighted to welcome the MFA team and their customers to SS&C. Today's announcement enables SS&C to further develop its fund servicing footprint in Australia and elevate our global transfer agency capabilities. We are deeply committed to this region and look forward to expanding Australian asset managers' access to best-in-class digital servicing, data solutions and servicing support across the investment management lifecycle. Our mission is to deliver the same high-quality processing and investor experience to our global clients wherever they conduct their business," Bill Stone, SS&C Technologies Chairman and CEO.
Nasdaq attracts record number of Japanese startups seeking IPOs.
Dozens of Japanese startups are preparing to list on Nasdaq in the next few years as an unprecedented number of entrepreneurs turn away from an aging, risk-averse home market, Bloomberg reported.
Around seven Japanese companies are due to list on the exchange in the next several months, following five such listings since the start of the year, according to regulatory filings. About ten to 20 more plan to list next year, Bloomberg reported. Only a handful of Japanese firms were traded on Nasdaq before a flurry of listings began this year.
The companies, ranging from software outsourcing companies to translation gadget makers, are attempting to go public at a time when US investors and bankers are seeking alternatives to Chinese IPOs, which have recently dwindled due to geopolitical tensions.
Barito Renewables to raise $203m in IPO priced at top.
Barito Renewables Energy, owned by Indonesian billionaire Prajogo Pangestu, is poised to raise IDR3.13tn ($203m) through an initial public offering in Jakarta.
The offering adds to a strong line up of IPOs in Indonesia this year, where proceeds have jumped to $3.2bn since the start of 2023. That’s more than twice the amount raised during the same period last year, Bloomberg reported.
Barito Pacific shares jumped as much as 3.5% in early trade, while affiliated coal miner PT Petrindo Jaya Kreasi surged 3.9%. Barito Renewables will use the proceeds to partially repay debt to Bangkok Bank and to buy geothermal power plants in Java, according to the prospectus.
Barito is advised by Mandiri Capital, Assegaf Hamzah & Partners, PwC, BNI Sekuritas and OCBC Sekuritas.
Goldman Sachs Asset Management and OMERS enter into private credit partnership to invest in Asia Pacific. (FS)
Goldman Sachs Asset Management and OMERS, one of Canada’s largest defined benefit pension plans, announced the launch of a separately managed account in which OMERS will invest alongside Goldman Sachs in private credit opportunities throughout the Asia Pacific region.
The Partnership will be managed by the Private Credit Asia business within Goldman Sachs, with a dedicated on-the-ground team across multiple Asia markets. The Private Credit Asia team sits within the broader Private Credit global team of more than 165 seasoned credit investment professionals overseeing more than $100bn in assets under management, drawing on the expertise of the wider platform and resources of Goldman Sachs to source investments and add value to portfolio companies. The Partnership between OMERS and Goldman Sachs strengthens the already deep and longstanding relationship shared by the two firms, now expanding to the Asia region.
OMERS is advised by Joned Day.
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